Fastest Growth in More Than Two Years for Chinese Factories

China’s factory activity expanded at its fastest pace in more than two years in October as a jump in domestic demand offset weak export orders, but companies continued to shed jobs, a private business survey showed on Tuesday.

The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) rose markedly to 51.2, beating analysts’ forecasts of 50.2 and much higher than September’s 50.1. The reading was the strongest since July 2014.

The index has now been above the 50-point neutral level which separates expansion in activity from contraction for four straight months, adding to growing views that the world’s second-largest economy is stabilising thanks to a government infrastructure spending spree and a housing boom.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam